Coal India shares jump as FTSE announces free float hike

On Wednesday, Coal India Limited’s shares were trading over 1% higher following the announcement of an increase in the free float by the FTSE.

At around 12.11 PM, Coal India was trading 1.12% higher at Rs 230.35, against the previous close of Rs 227.80 on NSE. The counter rose to an intraday high of Rs 230.50 in today’s trade.

FTSE has announced the increase in the free float of Coal India shares after its offer for sale (OFS).

As per the estimates, the increase in the free float of the miner will lead to an estimated inflow of $18.5 million. Additionally, 6.6 million shares would be available for investors which shall be equal to 0.7 Average Day Value (ADV).

Company’s two-day OFS which took place on June 1 caused the Coal India stock to slip 4%. The OFS was fully subscribed after receiving an overwhelming response from retail and non-retail investors. The government expected to raise Rs 4,200 crore from the offer for sale.

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